National Republican., 1887-02-08
To Repeal Their Charters.


named therein:
A BILL repeating the charters of the Wash
ington and Georgetown and the Metropolitan
Railroad Companies, In the District OF Colum.
bia, and providing that franchises for the
routes operated by said roads shall be offered
ior public competition. and prohibiting the
future granting Of like franchises for the D.
trict OF Columbia except after advertising for
Whereas by reason of the growth of the Dis.
trict OF Columbia the street railroad franchises
OF the city OF Washington have so increased In
value and importance that by putting up said
| franchises fer public competition large annual
revenues may be secured TO said District there
Whereas the Washington and Georgetown
| Railroad and the Metropolitan Railroad Com.
panies were Incorporated by acts of Congress.
May eisStaen tRa hundred and sixty two, and the
other approved the first day of July, eighteen
hundred and sixty. -four, In both of which said
| acts the right to 'amcnd, alter, or repear'
was reserved by Congress; aud
| Whereas the shares Of said companies, the
| Washington and Georgetown with paid.up
| capital stock OF five hundred thousand dollars
| and the Metropoliia of four hundred and
l thirty thousand four hundred and ten dollars,
equivalent TO tlfty and thirty dollars per share,
| have, by reason of large dividends declared
and paid, and large accumulatons of property,
real and personal, increased in value until tho
| market prices of said shares are now, and have
| for q long time past been firm for the stock of
the first named company at over two hundred
| uOlIuTS, anu Tue OtucE Ut one nuuuf8U
dollars per share, thus indicating the value of
said franchises to the District OF Columbia for
| future revenues; and
Whereas there is pending in Congress a bill
entitled "a bill to incorporate the washing
| ton Cable Company of the District of Column
| bia," blouse bill numbered eighty nine hum
| dred and seventy-six), which If enacted Will
grant to its corporators with insufficient re.
| strictions and requirements. and without
revenue to the District OF Columbia. the right
| twenty. nine streets and avenues III the city OF
Washington, with an aggregate OF eight and a
hall miles of double and six and q half miles
of single tracks, Therefore,
Be II enacted bp tie Senate and Houseof Repre-
ssntatirss q de Lnited States q Amsriet IN Con.
incorporate the Washington and Georgetown
teenth eighteen hundred aud sixty two and
amendment @ % thereof and also Tie act &c, entitled
An act TO incorporate the Metropolitan Rail
rGaS Company" approved July the first
several acts supplementary to and in amend
ment thereof, be, and the same are hereby,
repealed, TO take effect on, and after the first
day of October, eighteen hundred and eighty
SEC. Q. That the commissioners of the District
IL lied and directed to grant gran and iss1e' charters
for the term of thirty years. bearing date OF
said first day Of October. eighteen hundred
OF Columbia now and heretofore operated by
the said Washington aud Georgetown and
| Metropolitan Railroad Companies, aud also
routes designated in the bill now pending in
Congress entitled "a bill to incorporate the
Westminster Cable Railway Company Of the
to In the preamble hereto, all of said routes TO
be operated as horse car or cable roads, o. by
Sner bs hs as sa Sna
tage of the District Of Columba Provided, That
said charters so to be granted shall contain and
restrictions and liabilities Of the act Of May
the seventeenth. eighteen hundred aid sixty
! two incorporating the Washington and George
by which said charters shall be designated,
the specific term thereof and the amount OF
the capital stock OF the. corporations to be Or
than one million dollars no- in excess of three
million dollars for either OF said corporations.
divided into shares. of one hundred dollars
2 | each, TO be deemed personal property; and
| also a requirement for sworn annual reports to
be submitted TO Congress not later than the
nay S of Of ans s
tlons, containing the amount of capital paid
I up. number of shares of stock issued and out
| standing, cost of tracks and equipments,
ameunt and location Of its real estate, its cost
0 ana improvements, with the annual taxes and
, assessments thereon, bonded debt II any,
: other expenses, number OF miles OF tracks,
r number of passengers carried, and aggregate
amount of receipts therefrom, surplus fund,
: net earnings, and amount OF dividends de-
) SEC 8. That said commissioners shall adver.
Q tse said charters herein provided for, for pub.
prior to- the first day OF July, eighteen hundred
and eighty:seven, In at least one daily news
York YORK. Phiiadeiphia, baltimore, and in the Dis.
: trict OF Columbia; and said advertisement shall
: contain a requirement that all bids for said
! charters shall be accompanied by bond OF
\ bonds In such sum or sums as may be designated
u by said commissioners, In like manner aud
Q form as Is required by the United States In les
Q ments; and at the hour of noon on said first day
4 Of July, eighteen hundred and eighty seven
r the said Commissioners shall publicly open; a.
J. which may have been filed for said charters
= and award the same to the highest bidders
It therefor, who shall thereby be and become en-
!. by authorized. at such time before the said
first day of october, eighteen hundred and
!, eighty seven, as the said % %eommissiSners may
n Pr0pided, That within thirty days after notih.
cation Of ths acceptance Of their bids the sat s
. Commissioners OF the District of Coiumbii
. good and sufficient bonds, to be approved by
!, said commissioners for the faithful perform
u ance Of all the conditions under which theil
It said bids were predicated and the said high
t est bidders for the charters for the routes op
Il Grated by the Washington and GeorgetowI
h and Metropolitan Railroad Companies shall b,
u and become entitled to take possession of ant
l. operate the roads Of the said companies on ant
o amer the frst day OF October, eighteen hun
thirty days after notification of the acceptauc,
OF their said bids they shall also have paid o
rendered to the stockholders of said Washing
o ton and Georgetown and MetroI olitan Rail
road Companies Just and fair prices for tn,
capital stocks of said companies.
70 SEC. 4. That II, however, the said successful
bidders and the said stockholders of said com
= panies shall be unable to agree upon fai
y prices for the stocks Of said companies within
y the said period OF thirty days. then and II
" that event the said commissioners are empow
}; cred and required TO demand and require IRON
" the said Washington aud Georgetown aut
Metropolitan Railroad Companies full ant
complete statements, up TO tue date ofsuch de
70 each of said companies withfull description
is of the same, the bonded debt thereon, an,
also full and complete accounts OF assets ant
y paid-up capital, the number of shares of stool
>, outstanding, the names OF the stockholders
and the number of shares standing. on thu
u books in the names OF each OF snid stock
II holders, respectively; and nnou receiving SAT-
statements the said cOmml Csioners shall no
tify SAID highest bidders. and submit the sam
for their inspection; whereupon said bidder
4 OF the District OF Columbia, at n general o
\, special term. by petition, with SAID statement
= annexed. which court is hereby authorizes
70 and required, upon suGh application. p wiIhon
u OF the real estate aud assets, includn
= reling,stock horses, and equipment 5nSIn
1 each Of ad o
b, and otherwise, so that equitable yaiuations O
4 the caliial stock OF each OF said complnle
i may be fixed and determined and which va
=. uatlons shall be binding and conclusive upo
Y the said companies and the stockho' dere there
d Of as between them and said highest bidders
r SEC 3. That hereafter no charternf ike char
Il acter In and for the District of Columbit sha
= be granted except amer due advertisement 70
A public competition.
a
n The Tide of Travel to Florida.